$400 Million in Wireless Contracts about to be Issued in QC and NUR is already tight with QC Government ..
Nuran secures $3M loan facility with Quebec gov't
2018-11-08 10:26 ET - News Release
Mr. Martin Bedard reports
QUEBEC GOVERNMENT INVESTS UP TO $3 MILLION IN NURAN
Nuran Wireless Inc. has secured a long-term, low-interest loan facility of up to $3-million with the Quebec government and its Creativite Quebec program.
Highlights:
- Approval of loan facility of up to $3-million;
- Loan facility provided by the Quebec government through its Creativite Quebec program;
- Accelerates the development of the previously announced LiteCell xG; a multistandard 2G, 3G, 4G (LTE) base station all within a single unit;
- Opens new markets to Nuran including the unconnected in the regions of North American and suburban markets around the world.
The terms of the loan are as follows:
- Prime plus 0.25 per cent;
- A moratorium for the first 24 months (two years) with no reimbursement of capital and only interest are payable following the initial disbursement;
- After 24 months a reimbursement of capital and interest over seven years.
The loan facility ensures and accelerates the development of the LiteCell xG, a multistandard base station which provides 2G, 3G and 4G (LTE) connectivity all within the same unit as well as allow Nuran to continue supporting its current and continuing rollout and proof of concept (POC) with Tier 1 operators around the world without impacting the budget allocated for that purpose.
On Sept. 25, 2018, Nuran Wireless had announced that it would provide mobile operators 2G, 3G and 4G (LTE) connectivity from a single base station.
Under development with planned availability in 2019, Nurans LiteCell xG is a carrier-grade, tower-mount mobile radio access equipment, which may be operated in any combination of 2G, 3G, and 4G (LTE) to maximize network access to subscribers through the simultaneous support of different technologies. Built from the ground up as a software-defined radio, LiteCell xG provides the flexibility and upgradability which operators are seeking in order to deliver the most appropriate services and evolve those services as needs arise with minimal intervention.
Nuran expects its multistandard solution to significantly widen its market base from strictly rural to rural and suburban greenfield deployments, as well as qualifying for infrastructure upgrade programs, including the replacement of existing 2G-only equipment and the North American remote market as well.
"We are very pleased to receive the support of the Quebec government through its Creativite Quebec program. This financial support ensures that we remain on the cutting edge of product development and enables us to reach an even broader market by addressing not only the rural and ultrarural markets, but now targeting the suburban markets and the North American outlying regions as well specifically in areas specifically with poor to no cellular phone connection," stated Martin Bedard, president and chief executive officer of Nuran Wireless.
The financing is subject to the completion of final legal documentation.
About Nuran Wireless Inc.
Nuran Wireless is a leading supplier of mobile and broadband wireless infrastructure solutions. Its innovative radio access network (RAN), core network and backhaul products dramatically drop the total cost of ownership, thereby creating new opportunities for established as well as emerging mobile network operators. Indoor coverage, isolated rural communities, offshore platforms and ships, Nuran Wireless helps its customers reach everyone, everywhere.